Section 3 Production and Cost Theory
Thus far we have focused on the individual consumers decisions: Choosing consumption and leisure to: Maximize Utility Minimize Income Section 3 deals with another economic agent, the producer, and their decisi

In place of a price floor, the government can instead impose a PRODUCTION QUOTA Production Quotas restrict the quantity supplied of any good Ie: Taxi Cabs Ie: Safeway stores (unintentional)
1
Production Quotas have similar effects to price floor

ECON 281- X02
Intermediate Microeconomic Theory I
Review Questions
Lazarevic, F
Fall 2016
The following questions are intended to help you review the course material, as well as to give you some
rough idea of the types of questions that may be asked on th

Study Suggestions for ECON 281 Exams
Here are some suggestions as to how to study for my ECON 281 exams:
1.
Go through your class notes and make sure you understand what we did in class. If you do
not understand something, come and see me.
2.
Go through t

ECON 281- A1
Final Exam
F Lazarevic
16 June 2011
You have 120 minutes to do this exam. This exam has 9 questions. There is no choice of questions. The
number in the brackets next to each question indicates the maximum number of marks that can be earned
on

ECON 281 (A1)
Midterm Exam 1
F Lazarevic
26 May 2011
You have 50 minutes to do this exam. This exam has 4 questions. There is no choice of questions. The
number in the brackets next to each question indicates the maximum number of marks that can be earned

ECON 281- A5
Final Exam
F Lazarevic
19 December 2011
You have 120 minutes to do this exam. This exam has 7 questions. There is no choice of questions. The
number in the brackets next to each question indicates the maximum number of marks that can be earne

ECON 281 Exam Rules
You must have your student ID with you during the exam. I will be checking everyones Student
ID during the exam.
No notes of any kind are allowed.
Only items allowed on your person are pencils, erasers, non-programmable calculator and

Assignment 1 - ECON 281 B1
Due Monday, Feb. 13 2017, 12:00pm
Instructor: MAX STIES
Semester: Winter 2017
Please drop your assignment in the according assignment box at the economics department
office at the 8th floor of Tory or hand it in in class. This i

English 123-X50-Essay #1
Final draft due on: February 9, 2016 (First draft is due for peer editing on February 2, 2016).
Write an essay of 1,200 to 1,500 words on ONE of the following questions:
1. With specific details and examples, examine the instances

ECON 281 (X1) Fall 2015
MIDTERM EXAM
Instructor: Lazarevic, F
13 October 2015
You have 100 minutes to do this exam. This exam has 7 questions. There is no choice of questions. The
maximum number of marks that can be earned on any question is given in the

ECON 281- A5
Midterm Exam
F Lazarevic
1 November 2011
You have 80 minutes to do this exam. This exam has 6 questions. There is no choice of questions. The
number in the brackets next to each question indicates the maximum number of marks that can be earne

ECON 281- X1
Final Exam
Lazarevic, F
1 December 2015
You have 120 minutes to do this exam. This exam has 8 questions. There is no choice of questions. The
number in the brackets next to each question indicates the maximum number of marks that can be earne

ECON 281 Exam Writing Instructions
Exam questions will be of the short answer variety and may involve explanations using words and
diagrams or numerical or mathematical derivations.
The type of answer expected will vary depending on the question. Some ans

English 123-X50-Essay #1
Final draft due on: February 9, 2016 (First draft is due for peer editing on February 2, 2016).
Write an essay of 1,200 to 1,500 words on ONE of the following questions:
1. With specific details and examples, examine the instances

Chapter 5 The Theory of Demand
Thus far we have studied supply and demand and their equilibrium In this chapter we will see how the demand curve arises out of consumer theory Shifts in demand will be dissected and consumer choices will be investigated fu

Corner Solutions
Interior Optimums occur when positive amounts of both goods are consumed to maximize utility Not everyone will maximize utility by consuming both goods: Not everyone buys a Porsche Not everyone values ballet shoes highly When ut

Chapter 4 - Consumer Choice
People cant have everything; their choices are always constrained by factors such as time and money. In this chapter we will cover: The budget constraint Shifts in the budget constraint Maximizing Utility Minimizing Expen

Indifference Curves 3 dimensional graphs are difficult to graph and understand In practice, consumer preference is graphed using 2 goods on the X and Y axis and INDIFFERENCE CURVES Each INDIFFERENCE CURVE plots all the goods combinations that yiel